Quickbooks Online Advisor Exam Section 7

1) Where can you go in the Banking Center to review downloaded bank feed transactions that have already been matched to existing translations in Quick books Online?

A)For Review tab

B)Reviewed tab

C)Recognized tab

D)Excluded tab

2)How can you filter the For Review tab to see all the transactions Quickbooks Online thinks it has found a good match for?

A)Click on Filter>Find Match

B)Click on the Recognized tab

C)Click on the Gear icon>Show only matches

3) One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked ___________________. This makes the end-of-period bank reconciliation more efficient.

Fill the missing words in the statement.

A)record, delete,reconciled

B)match, exclude, cleared

C)match, add, cleared

D)exclude, add, reconciled

4)Which 2 statements regarding Bank Feed best practice workflows are correct?

(Select all that apply)

A)You should complete Match transactions first, then move on to Add transactions

B)You should complete Add transactions first, then move on to Match transactions

C)You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices

D)You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices

E)You should exclude the downloaded transaction from the For Review tab, if QuickBooks Online doesn't immediately find a match

5)Laura and Bryce both want to be able to forward receipts to QuickBooks Online to take advantage of the Receipt Capture feature.

Where would they go to enable an additional email account for the same QuickBooks Online company?

A)Gear > Tools > Manage Receipt Capture emails

B)Banking > Receipts > Manage Senders

C)Banking > Receipts > Manage Receipt Capture emails

D)Gear > Account and Settings > Advanced > Manage Senders

6) What are 3 ways to add receipts to QuickBooks Online Receipt Capture?

(Select all that apply)

A)Snap a picture via the mobile app

B)Forward a receipt to r..s@quickbooks.com from a registered email address

C)Use the Receipt Capture widget in Google Chrome

D)Upload a picture via a browser

E)Download the Receipt Capture app for Windows

7)What 2 reasons from the options shown here might mean a transaction needs to be excluded in bank feeds?

(Select all that apply)

A)If the downloaded transaction was already recorded and reconciled in QuickBooks Online

B)If the bank downloads the same transaction more than once

If the posting date and actual payment date don't match in the bank feed

If bank description doesn't match the payee name

8)Which 3 statements regarding Bank Rules are true?

(Select all that apply)

A)Bank rules can be prioritized

B)Bank Rules are only included in QuickBooks Online Plus or Advanced subscriptions

C)Bank rules can be copied, edited, or deleted

D)You can automatically add transactions to the register using Bank Rules

E)There is an additional fee to use Bank Rules in QuickBooks Online

F)Only an Accountant user can set up Bank Rules in QuickBooks Online

9) What are 3 important reasons to reconcile bank and credit card accounts at set dates?

(Select all that apply)

A)To verify transactions have the correct date assigned to them

B)To verify that an account balance is within its credit limit

C)To verify that all transactions have been recorded for the period

D)To verify that previously reconciled transactions have not been changed since the last reconciliation

E)To verify that the bank has not lost its connection to QuickBooks Online

10)Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online?

(Select all that apply)

A)You can only undo a bank reconciliation via a link in the Accountant Toolbox

B)To successfully reconcile and run a reconciliation report you need to enter the Statement Ending Date and Ending Balance from the relevant bank statement

C)Reconciliations must only be run at period end to estimate tax owed

D)To see the Reconciliation report, select View report after you've successfully reconciled the account

11)Which of the transactions listed here could be made into a recurring transaction? Select as many as are correct.

(Select all that apply)

A)An expense

B)A customer payment

C)An invoice

D)An Adjusting Journal Entry